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South China Morning Post
9 hours ago
- Business
- South China Morning Post
Global millionaire ranks to swell by 5 million over next 5 years, UBS says
The world is expected to add more than 5 million millionaires in the next five years as global wealth grew for a second straight year, according to the latest UBS Global Wealth Report. 'This trend [of rising wealth] is expected to show up not only in rising total personal wealth, but also in a swelling millionaire population,' the Swiss bank said on Wednesday. The report did not specify where most new millionaires would be minted, but it highlighted that growth would be led by the US, with additional momentum coming from the Greater China region, followed by Latin America and Oceania. The annual report, now in its 16th year and covering more than 50 markets worldwide, showed that private individuals' wealth grew 4.6 per cent globally last year, despite ongoing wars and recession fears. This was the second consecutive year of growth in global wealth after a 4.2 per cent increase in 2023. Global wealth fell 2.4 per cent in 2022. The UBS Global Wealth Report, which covers more than 50 markets worldwide, showed that private individuals' wealth grew 4.6 per cent globally last year. Photo: Reuters The US led the growth in personal wealth last year, with an 11 per cent increase, driven by a stable US dollar and buoyant financial markets. Meanwhile, wealth in Greater China grew 3.4 per cent.
South China Morning Post
02-06-2025
- Business
- South China Morning Post
UBS upbeat on China stocks, citing tariff pause with US and potential Beijing stimulus
'I'm optimistic on China and Hong Kong, as the markets should focus on the valuation opportunities that they represent,' said Neil Hosie, the Swiss bank's global head of execution services, in Hong Kong last week. 'There are still more stimulus measures that China can take that could further boost the market and sentiment.' The bank's positive stance came as global investors appeared to be interested in divesting away from US equities and harboured concerns about other American asset classes amid trade tensions. London-based Hosie said the US was over-represented in the MSCI World Index; 72 per cent of its weighting was invested in or was represented by the US. Within that representation, 31 per cent was made up by 20 American companies, he said. He also said US stocks were overvalued. The Nasdaq's latest price-to-earnings ratio recently stood at 31.70 times, while Hong Kong's benchmark Hang Seng Index was at 10.86 times and Shanghai's main board was at 15.60 times, according to Bloomberg data. 'With uncertainty about the economic outlook, high valuations do not make sense, and a retreat in stock pricing should be expected, yet we haven't seen that,' said Hosie.
Yahoo
21-05-2025
- Business
- Yahoo
CEO: Julius Baer does not expect additional major losses after $156 million writedown
(Reuters) -Julius Baer does not expect additional major credit losses, CEO Stefan Bollinger said on Wednesday, after the Swiss bank revealed a net charge of 130 million Swiss francs ($156.36 million) in a review of its credit portfolio. "While the review is ongoing, based on our findings to date, we do not expect to uncover additional material idiosyncratic risks that could lead to significant credit losses," Bollinger said. Sign in to access your portfolio
Reuters
06-05-2025
- Business
- Reuters
UBS partners with General Atlantic to expand into private credit
A logo of Swiss bank UBS is seen in Zurich, Switzerland, May 1, 2025. REUTERS/Denis Balibouse/File photo Purchase Licensing Rights , opens new tab May 6 (Reuters) - Swiss lender UBS Group AG (UBSG.S) , opens new tab and U.S. investment firm General Atlantic have launched a partnership to expand into the private credit market, the companies said on Tuesday. Private credit refers to the loans typically made to risky borrowers or companies looking to clinch mega buyouts with debt. These loans can be processed quickly and are an important source of funds for borrowers deemed too vulnerable by conventional banks. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. Advertisement · Scroll to continue The companies did not disclose the capital they will commit to the partnership. Reporting by Niket Nishant in Bengaluru; Editing by Vijay Kishore Our Standards: The Thomson Reuters Trust Principles. , opens new tab Share X Facebook Linkedin Email Link Purchase Licensing Rights
